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MAR 5.9 Post-trade transparency requirements for shares

MAR 5.9.1R01/11/2007

(1)

1In respect of shares admitted to trading on a regulated market, unless MAR 5.9.1 R (2) applies and MAR 5.9.7 R is satisfied2, a firm operating an MTF must make public, on reasonable commercial terms and as close to real-time as possible, the price, volume and time of the transactions which are advertised through its systems. This requirement does not apply to the details of a transaction executed on an MTF that is made public under the systems of a regulated market.

A firm may defer publication of trade information required in (1) for no longer than the period specified in Table 4 in Annex II of the MiFID Regulation for the class of share and transaction concerned, provided that the following criteria in (a) and (b) are satisfied and subject to the provision in (c):2

Information which is required to be made available as close to real time as possible should be made available as close to instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned. The information should only be published close to the three minute maximum limit in exceptional cases where the systems available do not allow for a publication in a shorter period of time.

the details specified in points 2, 3, 6, 16, 17, 18 and 21 of Table 1 of Annex I [of the MiFID Regulation];

(b)

an indication that the exchange of shares is determined by factors other than the current market valuation of the share, where applicable;

(c)

an indication that the trade was a negotiated trade, where applicable;

(d)

any amendments to previously disclosed information, where applicable.

Those details shall be made public either by reference to each transaction or in a form aggregating the volume and price of all transactions in the same share taking place at the same price at the same time.

Publication of post-trade information

MAR 5.9.4EU01/11/2007

2.

… post-trade information relating to transactions taking place on trading venues within normal trading hours, shall be made available as close to real time as possible. Post-trade information relating to such transactions shall be made available in any case within three minutes of the relevant transaction.

3.

Information relating to a portfolio trade shall be made available with respect to each constituent transaction as close to real time as possible, having regard to the need to allocate prices to particular shares. Each constituent transaction shall be assessed separately for the purpose of determining whether deferred publication in respect of that transaction is available under Article 28 [of the MiFID Regulation].

4.

Post-trade information relating to transactions taking place on a trading venue but outside its normal trading hours shall be made public before the opening of the next trading day of the trading venue on which the transaction took place.

Deferred publication of post-trade information

MAR 5.9.6EU01/11/2007

The deferred publication of information in respect of transactions may be authorised, for a period no longer than the period specified in Table 4 in Annex II [of the MiFID Regulation] [reproduced in MAR 7 Annex 1 EU] for the class of share and transaction concerned, provided that the following criteria are satisfied:

the size of the transaction is equal to or exceeds the relevant minimum qualifying size, as specified in Table 4 in Annex II.

In order to determine the relevant minimum qualifying size for the purposes of point (b), all shares admitted to trading on a regulated market shall be classified in accordance with their average daily turnover to be calculated in accordance with Article 33 [of the MiFID Regulation].

2The deferred publication of information, referred to in MAR 5.9.6 EU, is authorised by the FCA, to the extent set out in that provision, and, in particular, is given effect in MAR 5.9.1 R (2).

MAR 5.9.7R01/04/2013

An MTF must obtain the prior approval of the FCA to proposed arrangements for deferred post-trade publication and must clearly disclose such arrangements to market participants and the investing public.